LINCOLN PARK — Sterling Bay, a Chicago-based developer known for redeveloping vintage buildings and bringing in major tenants like Google and Twitter, is planning to acquire the former A. Finkl & Sons steel site within the next 60 days, according to a Crain's report.
The upcoming acquisition, which was announced by Sterling Bay's managing director at a real estate forum hosted by Crain's, will jump-start redevelopment of the 28-acre site — considered one of the biggest redevelopment opportunities in the city.
At the forum, Andy Gloor, the developer's managing director, said his company envisions a "moderately dense" mix of commercial, retail and residential development on the site, according to the Crain's report.
Gloor said plans also include extending the 606 trail east to the Finkl site — a plan that was proposed by Ald. Brian Hopkins (2nd) in May.
A representative for Sterling Bay couldn't immediately confirm the information.
Also at the forum, Gloor said Sterling Bay "will definitely try to buy" the nearby 18-acre Fleet & Facility Management site, which the city recently announced that its putting up for sale, according to Crain's.
The developer already owns a set of properties near Finkl Steel: The old tannery and the Lakin General site.
What will become of the Finkl site has been a burning question in the neighborhood since the steel mill left the neighborhood in 2014.
Currently, the Finkl site sits in a Planned Manufacturing District — a zoning designation that limits the types of developments and land uses.
In order for Sterling Bay to build homes, offices and retail on the site, the city must scrap the area's long-standing industrial zoning designation.
It appears the city is heading in that direction. Earlier this summer, the city launched a six-month process to "modernize" the North Branch Industrial Corridor, including Finkl Steel.
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